Bitcoin Price At $4750 And Counting As Charlie Shrem Calls Below $100k ‘Cheap

What is the meaning of bit coin?
Bitcoin is a digital currency (also called crypto-currency) that is not backed by any country's central bank or government. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment.

How a Bitcoin is made?
New bitcoins are generated by a competitive and decentralized process called "mining". This process involves that individuals are rewarded by the network for their services. Bitcoin miners are processing transactions and securing the network using specialized hardware and are collecting new bitcoins in exchange.

How old is Bitcoin?
Bitcoin is 8.36 years old.
The software has been running and the blockchain has been growing since January 3, 2009 at 2:15PM EST, when the genesis block was created. The paper, Bitcoin: A Peer-to-Peer Electronic Cash System, was published on October 31, 2008 at 2:10PM EST.

What is mining in Blockchain?
Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.

Is the Bitcoin legal?
Bitcoin is of interest to law enforcement agencies, tax authorities, and legal regulators, all of which are trying to understand how the cryptocurrency fits into existing frameworks. The legality of your bitcoin activities will depend on who you are, where you live, and what you are doing with it

What is block chain technology?
What is a 'Blockchain' A blockchain is a public ledger of all Bitcoin transactions that have ever been executed. It is constantly growing as 'completed' blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order.

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Charles "Charlie" Shrem IV is an American entrepreneur and bitcoin advocate. He co-founded the now-defunct startup company BitInstant, and is a founding member of the Bitcoin Foundation, formerly serving as vice chairman.

Bitcoin continues to push past $4700 as Charlie Shrem claims any price below $100,000 per coin is “cheap.”

Part of an increasingly large and prominent group of well-known names highly bullish on Bitcoin, Shrem made the comments on Twitter Thursday as the overall cryptocurrency market cap topped $170 bln.

he latest uptick this week was nonetheless modest enough to earn a “consolidation” tag from entrepreneur Vinny Lingham, who said a further “catalyst” would be necessary to see a significant price breakout up or down.

In the meantime, cryptomarkets rallied across the board Thursday, while Litecoin came to lead the surge, increasing almost 20 percent at press time to post a new all-time high of $76.

Litecoin has benefitted from Bitcoin’s SegWit activation last month, doubling in value since July.

Lingham had said such prices would not occur “in his lifetime,” but commenting on the success, Litecoin creator Charlie Lee also voiced his surprise, saying the community should “cut him some slack.”